Oil sector accounts for 50.8 % of economic growth last year, non-oil sectors struggle to 11.5 %

Jan 17, 2023 News

Kaieteur News – Guyana’s oil sector has taken full control of the country’s economic growth. According to government statistics, the country saw a 62 percent growth in Gross Domestic Product (GDP) last year with oil accounting for 50.8 percent.

Despite accelerated performance rates in the construction and services sectors, the non-oil economy struggled to keep up given the dismal performance of some agriculture subsectors such as sugar and fisheries. In fact, the non-oil economy saw 11.5 percent growth for 2022.

Budget 2022 had anticipated that the real Gross Domestic Product (GDP) would grow by 47.5 percent, with the non-oil economy expected to expand by 7.7 percent. As the year ensued, the oil and gas sector performed even better than expected. At the same time, Government policies focused on supporting the traditional and new and emergent non-oil pillars of the economy, helped ensure stronger and more broad-based growth than originally anticipated.

It is now estimated that the economy grew by 62.3 percent overall in 2022 in real terms, with a very strong expansion of 11.5 percent in non-oil real GDP. At 62.3 percent overall real growth, Senior Finance Minister, Dr. Ashni Singh said Guyana would be the fastest growing economy in the world in 2022.

The oil industry is also set to continue its dominance in economic growth projections with Guyana set to have three oil ships operating this year. The Liza Destiny, Liza Unity and Prosperity, are poised to be producing approximately 600,000 barrels of oil per day this year.

With continued interventions and policies geared at building a resilient economy, Minister Singh said real GDP is projected to grow by 25.1 percent this year, a rate of growth which currently puts Guyana among the top five fastest growing economies in 2023. He was keen to note that this position can be largely attributed to further ramping up of oil production anticipated in the Stabroek Block.

He also noted that growth in the non-oil economy is currently projected at 7.9 percent this year, driven by continued expansion in construction, other crops, and wholesale and retail trade and repairs, alongside a rebound in gold mining.

Dr. Ashni Singh, Gross Domestic Product (GDP), Liza Destiny, Liza Unity, non-oil economy, Senior Finance Minister

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Oil sector accounts for 50.8 % of economic growth last year, non-oil sectors struggle to 11.5 %

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Oil sector accounts for 50.8 % of economic growth last year, non-oil sectors struggle to 11.5 %

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